Trust the key to Vietnam’s sustainable draw for investors

09:02 | 27/02/2019 Investment

(VEN) - The disbursement of foreign direct investment (FDI) in 2018 set a record, increasing 9.1 percent compared to the previous year to US$19.1 billion. The FDI attraction strategy for the 2018-2023 period targeting quality rather than quantity has also achieved initial positive results. These developments reflect growing investor confidence in government efforts to improve the business and investment environment. Vietnam Economic News’ Thu Phuong, Tuan Vu and Nguyen Huong recorded the views by representatives of major foreign associations operating in Vietnam.

trust the key to vietnams sustainable draw for investors
Michael Kelly, Chairman of the American Chamber of Commerce (AmCham) in Hanoi

Michael Kelly, Chairman of the American Chamber of Commerce (AmCham) in Hanoi: Creating a more attractive, transparent and stable business environment

As major investors here, American companies have an interest in Vietnam’s continued success. Our members believe that the business environment can best be helped by actions that increase productivity and reduce the costs and risks of doing business in Vietnam.

More importantly, reducing the costs and risks will benefit Vietnamese businesses, especially small- and medium-sized enterprises, and promote startups, contributing to Vietnam’s competitiveness and growth in the future.

In the next 30 years, Vietnam has many great opportunities. We will continue to play a helpful and constructive role, and work to identify and implement solutions for a better business environment in Vietnam.

We want Vietnam to succeed and AmCham remains committed to working with our partners in the government and business to help resolve problems and to create a more attractive, transparent, and stable business environment here.

trust the key to vietnams sustainable draw for investors
Michele D’Ercole, Chairman of the Italian Chamber of Commerce (ICHAM) in Vietnam

Michele D’Ercole, Chairman of the Italian Chamber of Commerce (ICHAM) in Vietnam: Italian companies want to shift investment to Vietnam

The Vietnamese government has made great efforts in improving the business and investment environment, and promoting FDI attraction. Although there are some problems that need to be resolved, the government’s efforts have been remarkable.

Although only a limited number of Italian firms are active in Vietnam, I am confident that the number of companies and investments in Vietnam will grow in 2019.

The US-China trade war has partly affected Italian investors, and they have considered moving their factories from China to Vietnam.

In addition, the EU-Vietnam Free Trade Agreement (EVFTA), expected to be signed and take effect this year, will benefit trade and investment relations between the two countries.

Italian companies are willing to promote cooperation with Vietnamese partners in potential areas such as the manufacturing and processing sector, clean energy, waste water treatment, finance and banking.

On the occasion of the New Year, I wish for growing cooperation between Italy and Vietnam, especially in trade and investment relations. I hope that economic cooperation between the two countries will further develop and expand.

trust the key to vietnams sustainable draw for investors
Hironobu Kitagawa, Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi

Hironobu Kitagawa, Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi: Vietnam remains an attractive destination for Japanese investors

Japanese companies regard Vietnam as an attractive destination as reflected in the growing number of Japan’s investment projects in the country.

According to the results of a recent information survey in Japan, the number of Japanese companies seeking to expand their business activities to Vietnam has increased. However, to continue attracting foreign investment, Vietnam needs to address some shortcomings. Japan looks forward to promoting the Vietnam-Japan Joint Initiative with the Vietnamese government.

This forum serves as a policy dialogue between Japanese investors and relevant Vietnamese ministries and agencies, where proposals have been made to help competent Vietnamese agencies fine-tune laws and policies.

We will continue to support Japanese companies that wish to learn about investment in Vietnam.

trust the key to vietnams sustainable draw for investors
Christopher David Jeffery, Deputy Chairman of the British Business Group Vietnam (BBGV)

Christopher David Jeffery, Deputy Chairman of the British Business Group Vietnam (BBGV): British businesses remain committed to long-term investment in Vietnam

I highly appreciate the Vietnamese government’s efforts in improving the business and investment environment. I also support the government’s decisions on attracting investment and increasing investment quality in human knowledge. Vietnam remains an attractive destination for British businesses. Most of them have achieved success in the fields of finance, accounting, education, and manufacturing. British businesses see Vietnam as a long-term business partner, and commit to long-term investment in Vietnam.

We support and believe in what the two governments have done in recent years to promote cooperation. Hopefully, the two countries’ relations will develop further in the coming years.

Nguyen Huong